Bangalore-based nanolocal commerce app, bounty, has raised an undisclosed amount in seed round of funding from Fireside Ventures, Mumbai Angels and MAPE Advisory Group.
The round also saw participation from Basab Pradhan, former Global Head of Sales and marketing at Infosys and real estate group scion Apurva Salarpuria of Salarpuria Group.
The startup will use the funds for expanding to other cities, adding new retail categories and enhancing the product and technology stacks.
Satish Medapati, founder & CEO of Bounty App defines nanolocal commerce as information that is predictive, realtime and contextual, providing what one needs at the right location, just in time.
Related Article: Funding Galore: Startup Fundings Of The Week [12 October-17 October]
According to Satish, “Brands need to personalize offers, services and experiences to suit a consumer starting with courting the customer, getting to know them better and tailoring contextual communication to drives sales or service. Bounty provides the perfect platform for brands to reach out to consumers in a cost effective and meaningful way.”
Started in April this year by Satish Medapati, Bounty, is a platform for both customers and retail businesses. The customers on one hand can earn rewards, whereas retail businesses can drive footfall, track customer behavior within the store and incentivize purchases.
The app which is currently available in Google Playstore has more than 100K downloads and has grown more than 14 times in the past 6 months. Bounty app also witnesses a growth of more than 25 times for its users checking in. The app helps users earn rewards for every check in; however, retail businesses are able to promote their offers through personalised and targeted campaigns while a user checks in the app.
The startup claims to be the first to launch a smartwatch check-in in India which states that so far more than 1 Mn check-ins have been driven, and rewarded users with more than 20 Mn bounty points.
Commenting on the investment, Kanwaljit Singh, Founder of Fireside Ventures, Co-founder & former Senior managing director of Helion Venture Partners said, “Omni-channel consumer experience is beginning to take shape globally, and the team at bounty is continuously working towards making consumer life easier through data sciences and technology, the smartwatch check-in being one. The global market potential is very high and bounty’s traction has been great.”
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.